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Palladium - 05/11/2019

Micro Analysis

05 November, 2019

For General Information only. Not Intended to Provide Trading or Investment Advice. Your Capital is at Risk.

TREND: UP

  • Technical Outlook

Palladium has moved below its recent all time high of 1797.70 to test its 100 H4 Exponential Moving Average, which has recently acted as strong support to Palladium’s uptrend. The level stood at 1742.13, which acts as Pivot level in our report. If Palladium manages to stay above its 100 H4 Exponential Moving Average, and moreover, if Palladium manages to stay in its uptrend channel as depicted on the H4 Chart below, Palladium may extend its rally toward Resistance 1 of 1790.00, which has been already tested in November. The H4 Relative Strength Index moved down below the level of 50.0 to approach its oversold threshold of 30.0, meaning that its short- term downward correction might come to an end. Therefore, a turn- around could occur, which could encourage more bulls to enter the market.

If, however, Palladium fails to stay above its 100 H4 Exponential Moving Average and, moreover, if Palladium breaks below its lower uptrend channel line, Palladium may extend its losses down to Support 1 of 1695.00.


Graph: (Palladium, H4)

Pivot Point:

1742.13

Resistance 3:

1885.00

Resistance 2:

1831.75

Resistance 1:

1790.00

Support 1:

1695.00

Support 2:

1652.96

Support 3:

1604.96

Example of calculation based on weekly direction for 1.00 Lot*

PALLADIUM*

Pivot Points

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

Profit or loss in $

14,287.00

8,962.00

4,787.00

-4,712.00

-8,917.00

-13,717.00

Profit or loss in €***

12,824.96

8,044.88

4,297.13

-4,229.80

-8,004.49

-12,313.29

Profit or loss in £***

11,088.09

6,955.37

3,715.17

-3,656.97

-6,920.45

-10,645.71

* 1.00 lot is equivalent of 100 units
*** Calculations for exchange rate used as of 8:44 am (GMT +1) 05/11/2019
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Senior Account Manager regarding their use.
**** Please, consider closing your position in profit, even if it is lower than suggested one
***** Trailing stop technique can protect profit – Ask your Senior Account Manager for more details

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